Economic Models and Theories Quiz
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Questions and Answers

What is the purpose of developing theories and models in economics?

  • To make assumptions
  • To simplify the problem
  • To explain why something is as it is (correct)
  • To gather evidence

    • How are theories and models expressed differently?

  • Theories are expressed in words, while models are expressed in mathematical terms (correct)
  • Theories and models are not expressed
  • Theories and models are expressed in the same way
  • Theories are expressed in mathematical terms, while models are expressed in words

    • What does the term 'ceteris paribus' mean in economics?

  • All other things changing
  • All other things simplified
  • All other things disregarded
  • All other things remaining equal (correct)

    • What is the relationship between theories and models in economics?

    <p>Models are developed from theories</p> Signup and view all the answers

    Why do economists need to make assumptions when developing economic models?

    <p>To simplify the problem</p> Signup and view all the answers

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